The world of cryptocurrencies now seems to sail towards another storm, as dark clouds have engulfed the business. The results of which are visible on the price action of the digital assets from the crypto directory. Wherefore, the market cap of the business has been ebbing at a constant rate and is now portraying numbers at $1.88 T.
Successively, digital assets from the business are currently in single digit red numbers. In the interim, the seventh largest cryptocurrency Cardano has caught the wind of the market. ADA price has lost its psychological barrier at $1. The digital asset losing support despite its developments, metrics, and the recent announcement of peer-to-peer project continues to haunt traders.
Have These Events Failed To Uplift ADA Price?
Charles Hoskinson in a recent conversation, has shed light on an incoming peer-to-peer project that could revolutionize the global economy. The Cardano creator believes the project could bridge the gap between the developed and developing nations to a greater extent. He cites that a peer-to-peer lending project focussed on Africa will be rolled out on the Cardano network this year.
The project is aimed at narrowing the inequalities in income and wealth amongst nations. The initiative will help funds move from the developed nations to the developing nations. Which will empower the global economy, whilst giving a boost to sustainability.
Cardano with its global initiatives, that also includes environment friendly initiatives, has been on an odyssey to evolve as a global blockchain. However, what has been a bummer for the community is the price action of its native asset ADA. Which has not picked up pace with its initiatives and growing metrics. Which a couple of days ago has outnumbered Bitcoin and Ethereum.
Where Is ADA Price Heading?
ADA price at the time of press is changing hands at $0.992, with gains of -2.0%. While the market cap of the digital asset is hovering around $31,773,603,320, the volume of trades for around the clock is at $1,072,470,070. ADA price for the past 24-hours has been trading in the bandwidth from the lows of $0.978 to the highs of $1.02. Meanwhile, the returns for the past week is at -8.3%, while that for the fortnight is at -12.5%.
ADA price has lost grip on its support level at $1, which was also the digital asset’s psychological barrier. A slip from current levels would land the price at levels around $0.92. Which could possibly open up doors to a 30% crash. The halts mid way would be around $0.8 followed by $0.7. However, if the bulls manage to barge in at current levels, an impetus could push the price to $1.12.
Summing up, Cardano alongside fellow crypto assets has caught the wind of the market trends. Which has led to the bulls keeping the price above desired support levels, despite the network’s strengths. That said, we can expect the digital asset moving sideways if the bears don’t claw the asset to the bottoms. For a stable run above the $1 milestone would need the market to stabilize.
Source: https://coinpedia.org/altcoin/have-cardanos-stout-developments-and-metrics-failed-to-revive-ada-price-over-1-is-ada-now-heading-70-cents/